Apple CEO Tim Cook recently announced that the long-awaited Apple card will in fact release in August.

“Thousands of Apple employees are using the Apple Card every day in a beta test and we will begin to roll out the Apple Card in August,” Cook stated.

In terms of use and functionality, the card does not use the 16-digit system like traditional credit cards do. There are no expiration dates or CVV codes either. Coming in both digital and physical forms, the titanium card instead generates numbers randomly when making transactions — this allows the exchange to be more secure than the current system. As for rewards, there are cash-back opportunities like 2 percent returned on Apple pay purchases.

There is no set date for the actual release.